The canvas wig head is made of 100% cork. compared with poly filled canvas head, cork canvas head is more sturdy and durable. Canvas Block Head,Cork Wig Mannequin Head,Wig Block Head,Cork Head For Wig Making Xuchang Le Yi De Import And Export Trade Co., Ltd. , https://www.alileaderbeautys.com
Professional canvas block head professionally designed according to human's head shape, have more refined appearance. You could put pins and hold wigs easily. Very easy and convenient to use, great for wig making, fixing wig making, styling and display.
The wig head base has mounting holes (about 1 inch in diameter) that match most Wig Stands or tripods on the market. The clamp stand is included in the package, please refer to the steps shown in the picture to install the clamp stand.
You can measure your head circumference by going around the head behind the ears from the nape of the neck round to the front hairline.
Cover the head with some plastic wrap before making wigs. Please put it in a dry and ventilated place. Please put it under sun once a month.
The 16-year profit growth accelerated quarter by quarter, and the gross profit margin increased quarter by quarter. The company's main products are white cardboard, cultural paper, kraftliner paper, plaster facial paper, etc. The production capacity of the mechanism paper is close to 2 million tons, mainly white cardboard, with a production capacity of 1.4 million tons. In the past 16 years, white cardboard has continued to raise prices and its implementation has been good. The price of raw wood pulp has continued to decline. The company's performance has continued to improve and its gross profit margin has increased quarter by quarter. In the first three quarters, the company achieved operating income of 5.297 billion, an increase of 6.53% year-on-year; net profit attributable to shareholders of the parent company was 107 million, an increase of 83.43%. In the third quarter, it achieved operating income of 1.972 billion, an increase of 10.75%; net profit of 41 million, an increase of 423.77%; gross profit margin of 14.32%, quarter by quarter.
White card paper price increase is in good condition. The main domestic white cardboard manufacturers include APP, Bohui Paper, Wanguo Paper and Chenming Paper. The market share of the top four leading companies exceeds 50%, and the environmental protection requirements are tightened and the backward production capacity is continuously eliminated. The concentration of white cardboard industry continues to increase, and the pricing power of manufacturing companies has increased. In the past 16 years, white cardboard manufacturers have issued price-raising letters for many times. From the perspective of the tax-included price of the terminal, the implementation is in good condition. Compared with the end of last year, the new data of the white card paper of different brands and different regions of the company was 230 yuan/ton~600 yuan/ton, and the average price increase was about 445 yuan/ton.
The price of raw wood pulp continued to decline and profitability improved. The main raw material of the company's papermaking business is wood pulp. The cost of raw materials in 15 years accounts for more than 66% of the operating cost of the papermaking business, mainly based on imports. In the past 16 years, the price of wood pulp has continued to decline. The average foreign price of hardwood pulp in the first three quarters was US$548/ton, down 13.5% year-on-year. The average foreign price of softwood pulp was US$603/ton, down 9.89% year-on-year. Since the second half of the year, the price of wood pulp has continued to decline. As of October 31, the price of hardwood pulp is only 494 US dollars / ton, and the price of softwood pulp is only 581 US dollars / ton. The company's annual report pointed out that in the future, it will speed up the combination of forest, pulp and paper, choose forestry resources, develop forestry in the fast-growing forest base, plant a large number of self-owned forests in areas with good conditions, and expand the scale of homemade wood pulp on the existing basis; Improve the self-sufficiency rate of wood pulp.
Earnings forecasts and investment advice. We expect the company's 16-18 year operating income to be 7.487 billion, 7.779 billion, and 8.019 billion, an increase of 6.08%, 3.90%, and 3.08%.
Net profit was 1.40, 1.67 and 177 million yuan, corresponding to EPS of 0.11, 0.12 and 0.13 yuan, with growth rates of 264.34%, 18.56% and 6.14%. The concentration of white cardboard industry has increased, the price increase has been implemented well, and the price of raw wood pulp has continued to decline, providing sufficient flexibility for the company's performance. Referring to the average valuation of the paper industry and the comparable company valuation, the company was given 1.3 times PB in 17 years (17 years BVPS is 3.16 yuan), corresponding to the target price of 4.11 yuan, "overweight" rating.
Risk warning: the price of white cardboard is unstable, and the price of raw wood pulp is rising.